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London Capital Credit Union

What they do

Anyone who saves with the credit union becomes a member of the co-operative and can use one of several savings/budgeting accounts open to them. The savings form a pool of money held in trust. Any member can apply to borrow from this pool of money. Because it is largely volunteer run and has no outside shareholders it can offer low cost and flexible loans to its members.


London Capital Credit Union (LCCU) offers loans of up to £15,000 above savings, starting from just 5% APR, or small loans to tide people over until payday. Members can apply for a loan straight away and are rewarded with even lower interest rates if they have saved with LCCU first. To apply for a low cost loan a person must

  • live OR work or study in Barnet, Camden, City of London, Hackney, Haringey or Islington,
  • OR work for one of an employer partners of London Capital Credit Union in other parts of the UK
  • OR be a member of Unite in Greater London,
  • OR a member of The Co-operative Group in the London/SE Region.

If a person's low cost loan is approved and that person is not already a member, accounts can be opened with a minimum £20 or £50 deposit. The granting of the loan is based upon a person's ability to afford repayments and their savings record. Unlike other lenders London Capital does not judge people if they have had financial problems nor will it encourage people to borrow more than they need or can afford.

Banking Services

Bank current accounts and overdrafts are very convenient, but can be very expensive. London Capital offers a real alternative to High Street banks with Engage Accounts.

The Engage Account and VISA card enables members to bank in much the same way as a current account with a debit card. Members can have salary (or benefits) paid direct to their Engage account then use the card to purchase goods or services online, in stores or restaurants, or anywhere that displays the VISA symbol. Members can set up standing orders, budget accounts for items such as rent payments or other bills, get cashback on purchases, or withdraw money from ATM’s in the UK or abroad. Unlike a debit card, this card doesn’t let holders go overdrawn, and has a fixed, open and honest charging structure.

Employers' Salary Savings Scheme

The credit union runs a salary savings and loans scheme for dozens of employers, large and small.

Evidence shows that people are much more likely to have a savings account where employers have a salary savings scheme with the credit union. The financial stability established by the availability of savings or low cost loans is seen as a real benefit by employees who use the service. This in turn can reduce stress caused by financial problems, reducing staff turnover, sickness levels, and absenteeism.

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